Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation

A reconciliation of the beginning and ending balances of the projected benefit obligation is presented below (in millions):


	Year Ended December 31,
	2025		2024
Projected benefit obligation at the beginning of the year	$	52.1	$	48.8
Service cost	2.0		1.6
Interest cost	2.0		1.6

Benefits paid	(5.0)		(0.2)
Actuarial loss	3.7		0.3
Projected benefit obligation at the end of the year	$	54.8	$	52.1
Amount included in other current liabilities(1)	$	26.0	$	30.8
Amount included in other non-current liabilities	$	28.8	$	21.3

(1)This amount represents the benefit obligation due to participants who are eligible to retire and whose benefit payments could commence within one year of the respective balance sheet date.

Schedule of Weighted-Average Assumptions Used to Measure the SERP Obligation

The following weighted-average assumptions were used to measure the SERP obligation:


	Year Ended December 31,
	2025		2024
Discount rate	4.42	%	5.22	%
Salary increases	4.00	%	4.00	%
Lump-sum interest rate	5.25	%	5.25	%

Schedule of Components of Net Periodic Pension Cost Recognized

The components of net periodic pension cost recognized in our consolidated statements of operations consisted of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Service cost	$	2.0	$	1.6	$	2.1
Interest cost	2.0		1.6		2.1
Amortization of prior service cost	—		0.2		0.4
Amortization of net actuarial gain	(1.3)		(5.2)		(4.2)
Settlement	(0.6)		—		(1.8)
Total	$	2.1	$	(1.8)	$	(1.4)

Schedule of Amounts Recognized in Other Comprehensive Income

Amounts related to the SERP that have been recognized in other comprehensive income are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Net actuarial loss	$	(5.0)	$	(5.5)	$	(2.0)
Prior service cost	—		0.2		0.4
Settlement	(0.6)		—		(1.8)
Total recognized in other comprehensive income	(5.6)		(5.3)		(3.4)
Tax benefit	0.2		0.4		0.5
Total, net of tax	$	(5.4)	$	(4.9)	$	(2.9)

Schedule of Amounts Included in Accumulated Other Comprehensive Income (Loss)

The table below presents amounts related to the SERP included in accumulated other comprehensive income (loss) in our consolidated balance sheets that have not yet been recognized as a component of net periodic pension cost in our consolidated statements of operations (in millions):


	Year Ended December 31,
	2025		2024		2023
Net actuarial gain	$	(6.8)	$	(12.4)	$	(17.9)
Prior service cost	—		—		0.2
Total included in accumulated other comprehensive income (loss)	(6.8)		(12.4)		(17.7)
Tax expense	1.2		1.4		1.8
Total, net of tax	$	(5.6)	$	(11.0)	$	(15.9)

Schedule of Future Estimated Benefit Payments, Based on Current Assumptions

Future estimated benefit payments, based on current assumptions, including election of lump-sum distributions and expected future service, are as follows (in millions):


Year Ended December 31,
2026	$	26.0
2027	—
2028	13.0
2029	—
2030	—
Thereafter	24.4
Total	$	63.4

UNITED THERAPEUTICS Corp 10-K